Bill Gross' View on Federal Reserve Tapering

The Fed's plan to wind down its easy-money campaign "may be too hasty," writes the manager of the world's largest mutual fund.

June Gloom, the fog and clouds that often linger here over the Southern California coast this time of year, appears to have spread to the Federal Reserve. At his press conference last week, Fed Chairman Ben Bernanke said the central bank may begin to let up on the gas pedal of monetary stimulus by tapering its asset purchases later this year and ending them in 2014.

We agree that QE must end. It has distorted incentives and inflated...